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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 0 · FY2022 0 · FY2023 0
Operates in Logistics & Transport — Aviation. Per the activity note to the FY2024 annual report, the company provides technical maintenance services for aircraft.
Subsidiary of Geo Sky Airline (51.0%)
| Ratio | 2022 | 2023 | 2024 |
|---|---|---|---|
| Margins | |||
| Gross Margin | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | 17.3% | 8.3% | 16.5% |
| EBITDAR | 309 | 704 | 1,444 |
| EBITDAR Margin | 17.3% | 9.8% | 17.2% |
| EBIT Margin | 14.1% | 3.7% | 11.9% |
| Net Profit Margin | 15.0% | 8.3% | 16.9% |
| Operating Expense % of Sales | 82.7% | 91.7% | 83.5% |
| Returns | |||
| Return on Assets (ROA) | 13.5% | 16.8% | 29.8% |
| Return on Equity (ROE) | 95.0% | 67.7% | 61.9% |
| ROIC [EBIT / Invested Capital] | 17.3% | 13.2% | 32.1% |
| Leverage & debt balances | |||
| Debt-to-Assets | 60.6% | 34.1% | 22.3% |
| Debt-to-Equity | 4.27x | 1.37x | 0.46x |
| Debt-to-EBITDA | 3.91x | 2.02x | 0.77x |
| Equity-to-Assets | 14.2% | 24.8% | 48.1% |
| Net Debt | 1,171 | 1,142 | 833 |
| Cash & Equivalents | 34 | 59 | 231 |
| Total Debt | 1,205 | 1,200 | 1,064 |
| Liquidity & working capital | |||
| Current Ratio | 0.81x | 1.15x | 1.82x |
| Quick Ratio | 0.65x | 1.02x | 1.82x |
| Cash Ratio | 0.05x | 0.03x | 0.13x |
| Total Current Assets | 584 | 1,974 | 3,271 |
| Total Current Liabilities | 723 | 1,714 | 1,797 |
| Inventory | 115 | 232 | N/A |
| Trade Receivables | 350 | 1,600 | 2,475 |
| Trade Payables | 151 | 220 | 788 |
| Net Working Capital | -140 | 260 | 1,475 |
| Net Working Capital % of Revenue | -7.8% | 3.6% | 17.5% |
| Trade Working Capital | 314 | 1,612 | 1,688 |
| Trade Working Capital % of Revenue | 17.6% | 22.5% | 20.1% |
| Change in Trade Working Capital | N/A | 1,298 | 76 |
| Turnover & efficiency | |||
| Inventory Turnover | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A |
| Receivables Turnover | 5.10x | 4.48x | 3.40x |
| Days Sales Outstanding (DSO) | 71.6 | 81.5 | 107.5 |
| Payables Turnover | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | N/A | N/A | N/A |
| Cash Conversion Cycle | 71.6 days | 81.5 days | 107.5 days |
| Asset Turnover | 0.90x | 2.04x | 1.76x |
| Cash flow & dividends | |||
| Operating Cash Flow | 260 | 596 | 711 |
| Free Cash Flow (OCF − Capex proxy) | 64 | 355 | 398 |
| Cash Conversion (OCF / EBITDA) | 84.4% | 100.5% | 51.3% |
| Dividends Declared | 0 | 0 | N/A |
| Dividend Payout Ratio | 0.0% | 0.0% | N/A |
Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.
Shareholders, directors and group links from the companyinfo.ge public register — as filed, so stakes need not sum to 100% where a holding is undisclosed.
Ownership & directors from companyinfo.ge (public corporate registry).
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